One of the most significant out-of-town office deals this year has been completed at Sterling Capitol’s Capitol Park West in south Leeds.
Barratt Homes is moving into Raynham House at Capitol Park, by Junction 28 of the M62, taking 12,700 sq ft on a five-year at £16.50 per sq ft.
This deal is a telling indication that confidence is returning to the Yorkshire out-of-town business park market, according to Elizabeth Ridler, partner with property consultancy Knight Frank’s Leeds office.
Ms Ridler, who advised Sterling Capitol, said: “Developers Sterling Capitol have created one of the most impressive business parks in Yorkshire, with an excellent mix of tenants and facilities. This significant deal proves that business locations such as Capitol Park remain popular in a rapidly improving economic climate.
“Barratts were looking for a self-contained high-quality and attractive office space in an excellent location for more than 90 employees. Capitol Park ticked all the boxes. It is next to the M62 and within five minutes of the M1, so it has tremendous access to Yorkshire’s superb motorway network.
“This has been a very busy and successful year for Sterling Capitol at Capitol Park. The recent multi-million pound sales of the Carcraft and Village Hotel buildings have underlined the park’s popularity with investors and will enable Sterling Capitol to progress other development plans at Capitol Park and elsewhere in Yorkshire.
“There are currently two buildings available to purchase or lease at Capitol Park, Sterling House and 1 Sterling Way. They comprise 3,546 sq ft and 6,000 sq ft of prime grade A office space respectively and are already attracting interest,” said Ms Ridler.
Barratt Homes were advised by property consultancy Holder and Co, while the Leeds office of JLL are joint marketing agents with Knight Frank for Capitol Park.
Ian Ruthven, Managing Director at Barratt Homes Yorkshire West, commented:
“Looking for new office space can often be a testing time for businesses, but we are very pleased with the new premises we have secured at Capitol Park, which offers great facilities in a brilliant location – perfect for our established and growing team at Barratt Homes.”
Mike Heydecke, on behalf of Sterling Capitol, commented: “We are delighted to welcome such a high-profile company and successful company like Barratt Homes to Capitol Park. Their decision to move here is a resounding endorsement of the quality of our park.
“I would also like to thank Elizabeth Ridler and Knight Frank for their hard work on this important deal. Elizabeth’s expertise and commitment are exemplary and played a major part in making sure that everything was concluded satisfactorily,” said Mr Heydecke.
He added: “As a company, Sterling Capitol are extremely proud of what we have achieved here. Job creation is at the heart of our plans at Capitol Park and there are already more than 1,500 people already employed on site at companies as diverse as Hermes, Henderson Insurance Brokers, dePuy, the NHS, and the Village Hotel. We are now delighted to welcome Barratt Homes.”
Richard Thornton of JLL commented: “Once again this deal demonstrates a flight to quality. Successful companies such as Barratt Homes want high-spec premises which reflect their profile and reputation and Raynham House, a quality office building in a quality business park, fitted the bill perfectly.”